John Rogers

Last Update: 01-10-2018

Number of Stocks: 176
Number of New Stocks: 5

Total Value: $8,614 Mil
Q/Q Turnover: 5%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

John Rogers' s Profile & Performance

Profile

John Rogers is the Founder of Ariel Investment, LLC, which he started in 1983. As of 2008, the firm had over $15.5 billion in assets under management. John manages Ariel's small and mid-cap institutional portfolios as well as the Ariel Fund (ARGFX) and Ariel Appreciation Fund (CAAPX). He is also a long-term Forbes columnist writing a column called "Patient Investor."

Web Page:http://www.arielmutualfunds.com/

Investing Philosophy

Rogers has concentrated his investment selection on small and medium-sized companies whose share prices are undervalued. He believes that patience, independent thinking, and a long-term outlook are essential to achieving good returns. His fund seeks to purchase companies whose prospects include high barriers to entry, sustainable competitive advantages, and predictable fundamentals that allow for double digit cash earnings growth. Rogers purchases companies when they are trading at a low valuation relative to potential earnings (p/e less than 13x forward cash earnings) and/or a low valuation relative to intrinsic worth (40% discount to private market value - PMV).

Total Holding History

Performance of Ariel Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
201615.5611.963.6
2015-4.11.38-5.5
201410.9513.69-2.7
3-Year Cumulative23 (7.1%/year)29 (8.9%/year)-6 (-1.8%/year)
201344.6832.3912.3
201220.32164.3
5-Year Cumulative114 (16.4%/year)98.2 (14.7%/year)15.8 (1.7%/year)
2011-11.342.11-13.5
201025.9715.0610.9
200963.4226.4637.0
2008-48.25-37-11.2
2007-1.75.49-7.2
10-Year Cumulative98.7 (7.1%/year)95.7 (6.9%/year)3 (0.2%/year)
200610.3515.79-5.4
20050.924.91-4.0
200421.9710.8811.1
200328.0428.68-0.6
2002-5.18-22.116.9
15-Year Cumulative227.7 (8.2%/year)164.2 (6.7%/year)63.5 (1.5%/year)
200114.21-11.8926.1
200028.77-9.137.9
1999-5.7621.04-26.8
19989.8928.58-18.7
199736.4433.363.1
20-Year Cumulative581 (10.1%/year)339.2 (7.7%/year)241.8 (2.4%/year)
199623.5122.960.6
199518.5237.58-19.1
1994-4.221.32-5.5
19938.7310.08-1.4
199211.737.624.1
25-Year Cumulative1060 (10.3%/year)791.8 (9.1%/year)268.2 (1.2%/year)
199132.7230.472.3
1990-16.08-3.1-13.0
198925.1131.69-6.6
198839.9216.6123.3
198711.45.16.3
30-Year Cumulative2419.5 (11.4%/year)1719.7 (10.2%/year)699.8 (1.2%/year)

Top Ranked Articles

6 Companies That Offer Strong Value Potential for 2nd-Quarter 2017 A deeper look at the value screeners and FZM scores
As discussed in previous articles, the GuruFocus value screeners can identify strong value opportunities for short-term and long-term investing. The following six companies made multiple value screeners as of Mar. 29: Wipro Ltd. (NYSE:WIT), The Cheesecake Factory Inc. (NASDAQ:CAKE), Casey’s General Stores Inc. (NASDAQ:CASY), Anika Therapeutics Inc. (NASDAQ:ANIK), F5 Networks Inc. (NASDAQ:FFIV) and Copart Inc. (NASDAQ:CPRT). These six companies offer strong value potential for second-quarter 2017. Read more...
John Rogers Comments on Northern Trust Corp Guru stock highlight
In addition, wealth management firm Northern Trust Corp. (NASDAQ:NTRS) surged +31.58% on broad news that boosted many financial companies. Donald Trump’s unexpected win is good news for banks, asset managers, and investment banks. And, as anticipated, in mid-December the Federal Reserve raised its federal funds target rate 25 basis points to the 0.50% to 0.75% range, which helps boost bank profits on deposits. The Northern Trust is performing well, but its recent rise was due to external events. Read more...
John Rogers Comments on JLL Guru stock highlight
Also, real estate company JLL (NYSE:JLL) declined –10.89% on disappointing earnings. In early November the company reported quarterly earnings of $1.42, significantly below consensus of $2.00. Revenues were strong, but the impact of an acquisition, higher technology spending, a decline in incentive fees, and a significant write-down of receivables all hurt the bottom line. We think the quarter featured a rare confluence of one-time factors. To our minds, the long-term value of one of the top two global real estate players remains stable. Read more...
John Rogers Comments on Zimmer Biomet Holdings Guru stock highlight
Other holdings underperformed. Orthopedic specialist Zimmer Biomet Holdings, Inc. (NYSE:ZBH) fell –20.44% after cutting guidance and admitting internal supply issues. Earnings were in-line, but revenue was negatively impacted by inventory for some high-end products. The company subsequently cut full-year earnings guidance from $8.00 per share to $ 7.95 per share. We view the supply problem as a short-term issue and believe the long-term future is bright for this best-in-class brand. Read more...
John Rogers Comments on Thermo Fisher Scientific Inc. Guru stock highlight
Also, scientific research supplier Thermo Fisher Scientific Inc. (NYSE:TMO) dropped –11.20% despite an earnings beat. The company reported earnings per share of $2.03 in late October, well ahead of the $1.97 consensus estimate; it also closed its acquisition of electron microscope maker FEI Company. Health care stocks were generally weak in November and December as investors rotated away from defensive stocks toward more aggressive ones. In our view, the company remains on the right track. Read more...
» More John Rogers Articles

Commentaries and Stories

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John Rogers Comments on Graham Holdings Co. Guru stock highlight
We did not purchase any new holdings in Ariel Fund during the quarter, but we did exit our position in Graham Holdings Co. (NYSE:GHC) as the stock price fully reflected our long-standing view of the sum of its parts. Since our initial purchase over 7 years ago, the company has successfully monetized several of its businesses, including The Washington Post, Cable ONE, broadcast television stations and most recently Kaplan Education. Including the spin-off of Cable ONE in 2015, our investment has generated an impressive +176% total return over our holding period. More...

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John Rogers Comments on Zebra Technologies Corp Guru stock highlight
Bar code manufacturer, Zebra Technologies Corp. (NASDAQ:ZBRA) weighed on quarterly performance as well, trading down -4.40%. We believe the recent price decline runs counter to the company’s strong underlying business fundamentals. Moreover, we consider Zebra’s inventory tracking solution to be best in class and well positioned for growing global demand across retail, logistics and healthcare. At 14.2x forward cash EPS and a 21% discount to our estimate of private market value, we continue to think shares are undervalued. More...

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John Rogers Comments on Nielsen Holdings Guru stock highlight
Nielsen Holdings, plc (NYSE:NLSN) also underperformed during the quarter, declining -11.35% after announcing a negative guidance revision for the legacy Developed Buy business. Unsurprisingly, Nielsen cited continued challenges in the U.S. consumer goods environment. In the meantime, we view the core Watch business as solid, expect the new subscription analytics platform to eventually stabilize the Buy business in developed markets and find growth in emerging economies to be promising. At today’s valuation, the Watch business appears underappreciated and a turnaround in the Buy business is likely a free call option. At 14.1x cash EPS and a 35% discount to our estimate of private market value, the stock is trading at historical lows on both an EBITDA and free cash flow basis. We think the margin of safety1 at these levels is more than sufficient and are adding to our position on weakness. More...

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John Rogers Comments on JLL Guru stock highlight
The positive results for Ariel Fund were largely driven by strong stock selection within the financial services sector, contributing +261 basis points to relative returns. Real estate expert JLL (NYSE:JLL) was the top performer within the sector, delivering +20.89% gain for the quarter, on solid earnings, highlighted by organic growth, margin improvement, 20% reduction in net debt from the prior quarter and the announcement of a 13% increase in its annual dividend due to improved cash flow. More...

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John Rogers Comments on Bristow Group Guru stock highlight
Looking broadly at our portfolio, helicopter operator Bristow Group, Inc. (NYSE:BRS) was the best performing name, surging +44.06% during the quarter amidst a better than expected earnings report and increased fiscal 2018 guidance. Notable announcements included cost recoveries, capex deferrals, the sale of Bristow Academy and the issuance of a convertible senior notes offering. Management retains a cautious outlook as the offshore downturn has continued in spite of stabilizing oil prices. Overall, we believe the shares are undervalued and with the liquidity overhang satisfied, the company can now shift its focus to operating the business for long term success. More...

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John Rogers Comments on Kennametal Inc. Guru stock highlight
Another top contributor was specialty cutting tool insert maker Kennametal Inc. (NYSE:KMT), advancing +20.55% on strong earnings driven by improved sales execution, cost reductions and increased productivity. New CEO Chris Rossi also delivered a well received 3-year strategic plan outlining further opportunities for margin improvement. We continue to believe Kennametal remains underpriced relative to its intrinsic value. More...

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John Rogers Comments on Anixter Intl Guru stock highlight
Alternatively, our limited exposure within the technology and energy sectors was a headwind. Within technology, weakness at distributor of enterprise electrical products, Anixter Intl, Inc. (NYSE:AXE) impacted performance. Shares fell -10.59% due to concerns regarding the expanding industrial distribution offerings at Amazon.com, Inc. (NASDAQ:AMZN). Despite the market’s recent focus, Amazon Business has been growing steadily since 2012. Most of the revenues for Anixter originate from projects. While price competition shrinks margins, the services performed are far from expendable, creating a layer of costs and expertise that Amazon would find difficult to replicate or improve upon. The projects themselves reach the distributors through powerful independent representatives, which creates more barriers to entry. In sum, we believe the Amazon announcement does not represent a substantive change in its narrative or Anixter’s business, but rather an increase in market attention More...

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John Rogers' Ariel Investments Monthly Commentary for December Discusses bitcoin and markets John Rogers - John Rogers' Ariel Investments Monthly Commentary For December
The mere suggestion that a flower could bring down a whole economy seems absurd to a reasonable mind, however that is exactly what happened during the famous tulip bulb market bubble that occurred in Holland during the 1600s. Increasing demand for rare varieties caused the price of bulbs to surge, with many people bartering their homes and land for the ‘wise investment’ with the simple expectation that the exuberant market behavior would continue and the bulbs could be resold at a greater price. As happens in all speculative frenzies, prices got so high that when people began to take profits, panic selling began. In no time, bulbs soon were trading for “no more than the price of a common onion.”1 More...

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John Rogers' Ariel Investments November Commentary Review of the month John Rogers - John Rogers' Ariel Investments November Commentary
Since Ariel’s founding in 1983, much has changed in the investment world, but our clear mission has consistently defined who we are and what we do. We began as a small- and mid-cap value manager and evolved strategically to offer three approaches—Value, Deep Value and Global—all of which adhere to our patient investment philosophy and strive to uncover mispriced companies whose true value will be realized over time. More...

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5 Bargain Stocks Trading at Ridiculously Low P/S Ratios Excellent companies for your Black Friday stock shopping Charles Brandes,John Rogers - 5 Bargain Stocks Trading At Ridiculously Low P/S Ratios
I screened for profitable companies with price-sales (P/S) ratios below 1 with both positive sales growth in the last five years and quarter over quarter, plus a double-digit return on equity. More than 100 candidates came up, which I narrowed down to stocks with market values above $1 billion. More...

PHARMACEUTICAL, RETAIL, AUTOMOTIVE, FORD, MCKESSON, CVS, HEALTHCARE, PHARMACY, PENSKE, GURUS


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John Rogers Ariel Investments October Commentary Discussion of the month John Rogers - John Rogers Ariel Investments October Commentary
Markets once again achieved historic highs in October, with the Dow Jones Industrial Average soaring above 23,000. As shown in the chart above, all of the major indices –around the world and across capitalization spectrums – delivered small gains for the month. Globally, economic indicators continue to be largely positive with growth expectations supporting the positive sentiment in the markets today. Across sectors, commodities were the most newsworthy during the month. Expectations of OPEC production cuts extending beyond March 2018 drove oil prices higher. Brent Crude Oil topped $60 per barrel for the first time in more than two years. More...

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John Rogers Comments on J.M. Smucker Co. Guru stock highlight
Another key detractor from performance was J.M. Smucker Co. (NYSE:SJM), a leading manufacturer of consumer food products. SJM fell -10.76% following a disappointing earnings report. The earnings miss was driven by weak volumes within the company’s coffee and consumer foods segments. Management attributed this to misalignment of branded to private-label price gaps, which was exacerbated by input costs and pricing imbalances. Management was also quick to note the company has since fixed the issue by sharpening every day and promoting price points— as a result, they have witnessed an uptick in volumes. While the earnings miss is disappointing, we were encouraged by management’s ability to quickly address the issue. More...

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John Rogers Comments on Mattel Guru stock highlight
On the flip side, we had a few holdings that underperformed. Toy manufacturer, Mattel, Inc. (NASDAQ:MAT) declined -27.44% during the period. Early in the quarter, the company reported disappointing earnings results. While company revenues were in-line with expectations, gross margins were disappointing. Another headwind to the stock was the mid- September announcement that Toys”R”Us was filing for bankruptcy, which sent shockwaves through the toy market. In our opinion, Toys”R”Us’ bankruptcy will have little long-term impact on Mattel. Toys“R”Us represents approximately 11% of Mattel’s total sales. In the short-term, the impact should be reflected in fourth quarter sales for Mattel, but those numbers will probably result from softness across the board, not from Toys“R”Us specifically. Likewise, we have strong conviction that the company’s global reach and proven consistency makes it the licensee of choice for brand owners seeking a toy-manufacturing partner. More...

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John Rogers Comments on First American Financial Corp Guru stock highlight
Another stand- out performer in the portfolio was First American Financial Corp. (NYSE:FAF), an industry leader in the title insurance and settlement services industry. It gained +12.72% during the quarter. Like BorgWarner, FAF reported better-than-expected earnings for the quarter, as well as continued strength in its residential purchase and commercial business lines. During the period, the company experienced a strong pick-up in purchase volume, which was a positive surprise for investors. With nearly 30% market share and few competitors, First American Financial has distinct scale and relationship advantages in an industry that is becoming increasingly centralized and automated. A historically -depressed real estate environment provided an opportunity to own the stock at levels that reflect current housing demand, rather than at levels that, given a more normalized mortgage origination environment, would reflect the company’s lean cost structure and its resultant earnings power. More...

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John Rogers' 3rd Quarter Ariel Appreciation Fund Commentary Discussion of holdings and market John Rogers - John Rogers' 3rd Quarter Ariel Appreciation Fund Commentary
Quarter Ended September 30, 2017 More...

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John Rogers' Ariel Fund 3rd Quarter Commentary Discussion of holdings and market John Rogers - John Rogers' Ariel Fund 3rd Quarter Commentary
Quarter Ended September 30, 2017 More...

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John Rogers' Ariel Funds Monthly Commentary for September Discussion of the month John Rogers - John Rogers' Ariel Funds Monthly Commentary For September
Domestically, Ariel hunts for value primarily amongst the small- and mid-cap universes. We also scour the globe for companies of all sizes for our international and global portfolios. More...

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John Rogers' Ariel Fund Monthly Commentary for August A review of hurricane Harvey, geopolitical tensions and more John Rogers - John Rogers' Ariel Fund Monthly Commentary For August
August was a weak month across the equity spectrum, but was especially weak for U.S. equities. As second-quarter earnings season came to a close, investors seemed to take earnings strength for granted. During the month, a new trend started to pop up: investors began punishing companies more for a negative surprise than rewarding those who reported a positive surprise. Indeed, investors turned their attention towards third-quarter guidance, all but ignoring second-quarter surprises. While this alone does not explain all of the poor performance experienced in August, it certainly seems to explain the pull-back that began earlier in the month. The outlook on the global geopolitical front has also proven to be of concern to investors—as tensions between the United States and North Korea grow, so does the threat of a potential nuclear strike. More...

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ValueAct Takes Stake in KKR in 2nd Quarter The firm also increased, reduced other positions Jeff Ubben,John Rogers,Chris Davis,Jim Simons,Priv - ValueAct Takes Stake In KKR In 2nd Quarter
Jeff Ubben (Trades, Portfolio)’s ValueAct Holdings established a stake in KKR & Co. LP (NYSE:KKR) in the second quarter. More...

JEFF UBBEN, VALUEACT, BUY, TRADES, 2Q


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John Rogers Continues to Buy Accenture, Novartis, Apache The guru purchased these stocks in the last 2 quarters John Rogers,Jim Simons,Manning & Napier Advisors I - John Rogers Continues To Buy Accenture, Novartis, Apache
John Rogers (Trades, Portfolio) founded Ariel Investment LLC in 1983. In both the first and second quarters the guru bought shares in the following stocks: More...

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